To expand Moron's answer: what the Bailey-Borwain-Pluff formula does for you is that it allows you to calculate the binary (or equivalently hexadecimal) digits of pi without calculating all the digits in front of you. This formula was used to calculate the four inch pi bit ten years ago. This is 0. (I'm sure you were on the edge of your place to find out.)
This is not the same as a low memory algorithm, a dynamic algorithm for computing bits or digits pi, which I think can mean "sequentially." I donβt think anyone knows how to do this in base 10 or base 2, although the BPP algorithm can be considered as a partial solution.
Well, some of the iterative formulas for pi are also similar to a sequential algorithm, in the sense that there is an iteration that produces more digits with each round. However, this is also only a partial solution, because, as a rule, the number of digits doubles or triples with each step. This way you will wait with a lot of numbers for a while, and a lot more numbers will come quickly.
In fact, I donβt know if there is a low memory algorithm effective for generating digits of any standard irrational number. Even for e, you might think that the standard infinite series is an effective formula and that it has low memory. But at first it only looks with low memory, and in fact there are also faster algorithms for calculating many e digits.
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